Sport: Bargain in The Bronx

Once they were the crown jewel of professional sport, a franchise whose very name was synonymous with big league success. But over the years, an archaic ballpark, a deteriorating neighborhood, and a roster of mediocre players have considerably dulled the sparkle of the New York Yankees. Last week the team’s owners, the Columbia Broadcasting System, cut their losses by selling the Bronx Bombers for the modest sum of $10 million cash to a syndicate headed by Yankee President and CBS Executive Michael Burke.

CBS purchased the team for $13.2 million in 1964, but the club failed to win a pennant for the network. Burke and his eleven partners—only Cleveland Shipbuilder George M. Steinbrenner attended the press conference announcing the purchase—are confident that their team’s fortunes can only improve. They have a $24 million commitment from New York City to renovate Yankee Stadium, and they are counting on recent major trades to bring a pennant back to the Bombers and the fans back to The Bronx.